💹 2017

JAMB Economics 2017 past questions

34 questions from the 2017 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock → All Economics years
Economics JAMB 2017 Q1 ✓ Answer: B
Occupational distribution of population is mainly influenced by
A
economic factors
B
religious factors
C
geographical factors
D
social factors.
Economics JAMB 2017 Q2 ✓ Answer: A
The reward for capital is
A
interest
B
rent
C
risk
D
premium.
Economics JAMB 2017 Q3 ✓ Answer: C
The reduction in the value of a country's currency in relation to the value of the currencies of other nations is known as
A
deflation
B
inflation
C
devaluation
D
revaluation
Economics JAMB 2017 Q4 ✓ Answer: D
Mortgage banks give loans to investors on a long- term basis to
A
finance agriculture
B
establish banks
C
acquire machinery
D
build houses.
Economics JAMB 2017 Q5 ✓ Answer: B
In a capitalist economy, factors of production are owned and controlled by the
A
citizens
B
businessmen
C
government
D
foreigners.
Economics JAMB 2017 Q6 ✓ Answer: C
The establishment of industries in rural areas will help to reduce
A
urban-rural migration
B
rural-urban migration
C
rural-rural migration
D
urban-urban migration.
Economics JAMB 2017 Q7 ✓ Answer: C
International trade is an application of the principle of
A
industrial production
B
mass production
C
regional production
D
comparative cost advantage. UTME 2018 ECONOMICS QUESTIONS
Economics JAMB 2017 Q8 ✓ Answer: D
The natural growth of population is calculated as
A
birth rate + death rate
B
labour force + dependant
C
death rate - birth rate
D
birth rate - death rate
Economics JAMB 2017 Q9 ✓ Answer: D
The study of age structure of a population is important because it
A
determine the exchange rate
B
provide the government with statistics on the prevailing interest rate
C
reveals the cost of living
D
provides the government with statistics on present size of the labour force
Economics JAMB 2017 Q10 ✓ Answer: C
If the demand for palm oil is for the purpose of soap production and cooking, the demand is said to be
A
competitive
B
complementary
C
composite
D
derived
Economics JAMB 2017 Q11 ✓ Answer: C
The institution established to enhance the activities of Nigeria's exports is
A
Nigerian Export and Import Bank
B
Import-substitution strategy
C
Nigeria Export Promotion Council
D
Bank of Industry
Economics JAMB 2017 Q12 ✓ Answer: B
From the pie chart above, the percentage contribution of entrepreneur is
A
2.77%
B
33.33%
C
27.70%
D
3.33% [PAGE 43]
Economics JAMB 2017 Q14 ✓ Answer: A
The reward for capita as a factor of production is
A
interest
B
rent
C
profit
D
wage
Economics JAMB 2017 Q15 ✓ Answer: C
The type of inflation that emanates from excess demand over supply is
A
galloping inflation
B
cost-push inflation
C
demand-pull inflation
D
imported inflation
Economics JAMB 2017 Q16 ✓ Answer: B
Which of the following problems is associated with national income measurement?
A
High interest rate
B
Inflation and deflation
C
Overpopulation
D
population growth
Economics JAMB 2017 Q17 ✓ Answer: C
Freedom of consumption and production are characteristics of
A
socialism
B
feudalism
C
capitalism
D
communism
Economics JAMB 2017 Q18 ✓ Answer: B
Cost of raw materials in production is an example of
A
marginal cost
B
variable cost
C
total cost
D
fixed cost
Economics JAMB 2017 Q19 ✓ Answer: B
Foreign exchange control in Nigeria is administered by the
A
Money deposit banks
B
Central Bank of Nigeria
C
Discount houses
D
Security and Exchange Commission
Economics JAMB 2017 Q20 ✓ Answer: B
From the pie chart above, determine the contribution of capital if the total contribution of all factors is
A
₦12.50 million
B
₦142.50 million
C
₦50 million
D
₦7.50 million
Economics JAMB 2017 Q21 ✓ Answer: D
The volume of output in an economy is determined by
A
the foreign exchange rate
B
the standard of living of citizens
C
population density of a country
D
efficiency in the use of factors of production
Economics JAMB 2017 Q22 ✓ Answer: A
Given Qd = 30 - 3P, Qs = 9P – 18. Determine the equilibrium quantity
A
18
B
20
C
25
D
27
Economics JAMB 2017 Q23 ✓ Answer: C
In Nigeria, industrial development can be enhanced by [PAGE 44]
A
ensuring stable prices for manufactured goods
B
reducing government expenditure on imported goods
C
providing efficient infrastructure
D
increasing the rate of interest
Economics JAMB 2017 Q25 ✓ Answer: D
Capital gains tax is an example of
A
Value Added Tax
B
purchase tax
C
sales tax
D
income tax
Economics JAMB 2017 Q26 ✓ Answer: C
Which of the following is NOT a source of government revenue?
A
Taxes, fees, licenses and fines
B
Interest, dividends, profits and earnings
C
Personal income, disposable income and transfer earnings
D
Grants, aids and borrowing
Economics JAMB 2017 Q27 ✓ Answer: C
One of the important qualities that money must possess is
A
heterogeneity
B
easy availability
C
homogeneity
D
flexibility in value Price
Economics JAMB 2017 Q28 ✓ Answer: C
The graph above represents
A
a decrease in quality supplied
B
an increase in supply
C
an increase in quantity supplied
D
a decrease in supply Wages
Economics JAMB 2017 Q29 ✓ Answer: A
From the diagram above, the arrow marked M indicates
A
payments made for foods and services
B
payments made to factors of production
C
the flow of capital goods
D
the flow of economics rent
Economics JAMB 2017 Q31 ✓ Answer: C
Price Quantity (₦) demanded From the table above, calculate the elasticity of demand
A
0.03
B
0.30
C
0.33
D
0.04
Economics JAMB 2017 Q32 ✓ Answer: B
One of the functions of money deposit banks in economic development is
A
that it is banker to the government
B
the provision of credits facilities
C
the formulation of monetary policies [PAGE 45]
D
issuing of currency notes
Economics JAMB 2017 Q33 ✓ Answer: C
One of the arguments against the practice of monopoly is
A
merging of producers
B
competition
C
exploitation
D
non-government ownership
Economics JAMB 2017 Q34 ✓ Answer: C
The main reason why countries engaged in international trade is the
A
opportunity to earn high profit in trading
B
use of capital-intensive method of productions
C
difference in their endowment of economic resources
D
difference in the population structure
Economics JAMB 2017 Q35 ✓ Answer: A
Cup of Total Marginal milk taken utility utility X Z From the table above, what is the value X?
A
32
B
35
C
34
D
30
Economics JAMB 2017 Q36 ✓ Answer: C
Quantity Total Marginal consumed utility utility -- From the table above, it can be inferred that there is
A
diminishing returns to scale
B
excess of demand
C
diminishing marginal utility
D
diminishing marginal productivity 37.A well conducted census is important for
Economics JAMB 2017 Q38 ✓ Answer: A
The cost-saving advantages which a large firm can achieve on its own is called
A
internal economies of scale
B
diseconomies of large scale
C
externa diseconomies of scale
D
external economies of scale 39.A country uses the foreign exchange control measure to eliminate balance of payments deficit by